Has anyone received a loan offer in 2023?

[Blackbear579]

I'm at 71% and usually see a offer by now (between 65%-70&).

[#2]

I'm where you are at (minus the actual loan offer part.) Sale are up about 60% over a year ago and processing is up about 65%.  All the other things are in the green.

I think most people's frustrations are that it's just not transparent and there isn't a clear goal to strive for. It is also disheartening to just be told the same quotes over and over. It comes across as uncaring and impersonal. Which if that's the case is fine, that should be conveyed to clear up misconceptions and so people don't get their hopes up. It would also come across as more professional to state those things (economy and such) from Square itself. It would let people know where they stand and can make appropriate decisions. 

[_Violet · Accepted solution]

Hi all 👋 @Blackbear579 @DD_2019 @Me2018_ @Swain - I just wanted to drop in to provide some context on Square Loan offers:

Square accounts—including accounts with an active loan—are reviewed for eligibility regularly. You don’t need to contact us or provide any additional information to become eligible for another loan offer. You can check your Square Dashboard (at any time for more information about your current eligibility status.

Offers are not guaranteed and we are unable to predict when your business may receive another offer. Loan offer details, as well as the timing of eligibility, may differ from your current Square loan. You can find additional details here in the Square Loan Eligibility FAQ support article.

If you have any additional questions about Square Loans, you'll need to get in touch with the Square Financial Services Team by logging into your Square account and heading here. The Financial Services Team's business hours are Monday - Friday, 10 AM to 7 PM CST.

I hope this information is helpful but please do let me know if you have any additional questions.

[sayra · Accepted solution]

Hello, @Fca. 

It's understandable that you're curious about the timeline for a new loan offer after being denied, especially given your previous experience. Every case and account is different, on this platform we do not have greater visibility regarding your account and loan qualifications. 

For Square Loan related questions and Loan availability or eligibility you will want to reach out to the Square Banking team. They are available at 855-700-6000 between 6 am - 6 pm Pacific Time Monday-Friday. Our designated team will be more than happy to help you further. 

In addition, we went ahead and merged your post to this existing thread where other Square Sellers have discussion their Square Loans. We merge duplicate conversations together to keep like comments in one place, and to make it easier for others to find the thread in the future. 

Thank you. 

[GlitzyCow]

You are trending exactly what happened to me. I had a large loan paid to 93%. Then one half the size. Paid off. Now nothing. It’s been six months. I’ve seen others say something similar. I haven’t seen any of those folks come back on and say if they’ve ever been offered after that point. 

[Twpchair]

Ughhhhh,  hun I've never seen anyone in position either! I don't get it, I don't understand it either? I see the other one as well. Definitely, a head scratcher for me! I haven't seen anyone either paid off for 6mths come back on say they finally got one. I know that most as soon as they do they come back on till they are looking for the next loan type thing. You would think after that long they would. Good luck!

[GlitzyCow]

I’m technically 7 months paid on the 2nd. I think I’m done. 

[ianssoph]

@GlitzyCow i cannot believe you haven’t received another offer. Longest I have gone without an offer was 6 months, but I had been declined prior. 

[GlitzyCow]

I haven’t had any declines. They did ask me on my last one to verify one of my buyers and have a purchase card agreement with them so I did and they immediately approved the loan. I don’t have chargebacks at all ever. I’ve asked all my customers for feedback and they’ve been rockstars. I’ve gotten hundreds of good feedback responses. I’ve never been under review. Only for a short time in October which is our “off month” did I slip into needs work on processing. I’m still averaging in the mid 40’s every month consistently. Some of my biggest months are in the summer when we are cranking out production like maniacs so those months are double. I just have no explanation.  

[pinkcottonco]

What type of business do you have? I keep seeing posts on here about people having to send in verification for invoices and verify buyers like you just said. I’m unfamiliar with those. I have been under review twice, but literally for only maybe 30 minutes at most. They were both for swiping prepaid cards… visa, Amex just cards etc. I explained to them both times that I have a few older customers that don’t trust online or POS systems in general, so they pay using a prepaid gift card, and the account review was lifted immediately night times. I’ve seen your posts throughout the forum. I have no idea why you’re not getting anywhere. That’s awful! 

[danengine2004]

Lol so what these assclowns are doing now is under acct management - they have determined that I can process ONE of my customers only at $280 per Q - not a seemingly bad deal that customer does not do that much BUT because there is a “payment limit” imposed this makes needs work come up on an obscure area THUS making me ineligible for a. Square loan - anyway I have given Square too long to bring  relationship back to even. I’m finally done Monday morning processing for Db Sales will start for good on Stripe - hope you can finally get off this hamster wheel as well - take care and good luck 

[pinkcottonco]

I have been getting them, so they’re real. Mine were August, September, November, then offer yesterday. I’m at 66% paid off, and the offer was maybe $200 shy of being double the last loan. It’s just never taken this long to be approved before. And I 100% believe that the percent paid has nothing to do with getting an offer. It’s for sure the amount of card processing. I’ve had a significant increase in card payments the last 2 weeks, so I’m sure that’s why I got an offer, not the percent paid. Hopefully y’all will get one soon!

[Nguerra]

I just got approved for $46.8k, at 77% paid on my last one from August 2023. Accepted offer at 11:00am 2/28 and approved at 10:10am this morning. This is an increase from my last one. Been with square since 2016. I usually get about 2 offers a year, always increasing from the previous one. 

[Jjbeautyco]

that’s amazing !!!!! CONGRATS!!!!  

Was that a lot more than the last loan you had? I’m at 67% pd off and am hoping for double what i just had 

[Nguerra]

No, not a lot more. The increases have been smaller the past two offers. 

[Cauldron]

Just a heads up for anyone with a “reserve” on your account, a Reserves category just got added to my account activity with a “needs work” status. It says:

Reserves: 

Your account currently has a reserve, which could be used to cover chargebacks. This is affecting your eligibility.

Extremely disheartened. The reserve was implemented in mid January and holds our funds for 90 days after each transaction. 7.5K and counting that we can’t access and bills that need to be paid. Now to find out we aren’t eligible for offers either because of it. We were hoping to get an offer soon to help pay the bills that were affected by the reserve. I don’t know what we will do

now 😞

[danengine2004]

This just keeps getting better each day - what do these ASSCLOWNS at square think? We all get 90 day terms with our vendors ??? Shame that because of poor business decisions by ultra LIB moron rich boy DORSEY - a once great operation known as Square - is now a crumbling pos

[danengine2004]

Again hard to realize what I am paying them (Square) 1.4%, in processing fees for - sure they deserve almost a point and a half THEN take NO risk - sounds like a good deal to me ASCLOWNS a SRE Square 

[danengine2004]

To think today earlier all I had to be upset with Square about was the fact they they pulled the plug on loans and they had no guts (as any company lead by a lib-tard) like Jack Dorsey would do - but now there are “payment limits” “reserves” - Ihave two orders to run Monday AM BOTH will be on Stripe - bye bye Square **bleep** CLOWNS 

[danengine2004]

If I was you I would immediately credit back my customer that had the reserve on it (yes you would lose the processing fees because of squares NEW Chicken **bleep** policy) and then ask the customer to pay via check or wire 

[danengine2004]

Try Stripe and or stop taking cards from customers take checks or cash or wire or Zelle - it is not worth it dealing with processors any longer I agree 

[GlitzyCow]

Well the mystery is solved I suppose. Last JULY square asked me for information on one of our customers and I gave them the information they requested, told me my account was great but that ONE particular customer had a 60k limit. When I asked about the limit they told me in 90 days the limit would fall off if there wasn’t an issue. I asked them if it would affect my eligibility a bunch of times and they told me absolutely not and that my account was in good standing. 

SQUARE you lied to me. You lied to me for EIGHT months straight. You told me to continue processing and that my account was in good standing for EIGHT MONTHS and it really was not. You stole from me, essentially. I operated with you as my processor under false pretenses and you kept collecting processing fees. My customer has not done any sort of charge back. They are still our customers. 

Square you told me that the limit would fall off. You told me to keep processing and that my account was in good standing. The entire time you kept from me that the limit on one of my hundreds of customers has been keeping me from eligibility with one of the perks of having square. You stole that opportunity from me with lies on the countless times I’ve contacted you. 

I will be calling to figure out what I can do to get this limit taken off my account. I have never had one charge back. I have never had one dispute. I have hundreds of happy customers. The limitations page says you will review my account to determine if the limit needs adjusted or released. How long does that take? It has been EIGHT MONTHS since you requested this information from me. EIGHT MONTHS with no issues and YEARS of service and loyalty from my business. I’m disgusted. You lied to me. 

[danengine2004]

I've just fallen into your circumstance today with MY BEST CUSTOMER who has signed a doc saying he will not cancel charges. I let him use Amex for large purchases so he can get points. I have been on phone with Square all day to remove that "limit" Also I activated my Stripe virtual terminal. Pretty sure I have processed my LAST transaction with CHICKEN **bleep** Square 

[GlitzyCow]

Did they tell you that the limit could be removed somehow? I provided 3 months of statements to square at the time and they told me everything was great. My account was in good standing and the limit would fall off after 90 days. July is our busiest time of year so my one particular customer has not come near the limit since that time frame. Square also told me to take paper checks from them if I hit the limit. I thought it was odd. They’ve lied to me for eight months. I have been stressing over nothing bc that was the problem all along. I begged square to tell me what was wrong with my account and they repeatedly said nothing. Nothing except this was kicking me out of eligibility silently when they told be it wouldn’t affect me. I’m disgusted, truly. 

[ianssoph]

@GlitzyCow does it say anything new on your dashboard about the payment limits or reserve? I noticed mine updated to include them.